High-Risk Cyberattacks Targeting Financial Sector... Security Capabilities Significantly Reduced

by Song Seungseop

Published 27 Apr.2022 10:37(KST)

Updated 27 Apr.2022 11:06(KST)

High-Risk Cyberattacks Targeting Financial Sector... Security Capabilities Significantly Reduced

[Asia Economy Reporter Song Seung-seop] Attempts at high-risk cyberattacks targeting the financial sector are gradually decreasing. The number of victims and the amount of damage caused by various electronic financial frauds have also started to decline.

According to the Financial Security Institute on the 27th, the number of detected 'Log4Shell' attacks targeting the financial sector, which began at the end of last year, has been decreasing since last month and significantly dropped from mid-this month. The number of detections, which reached 5.35 million in December last year, decreased by 1.53 million (28.5%) to 3.82 million in March this year. As of this day in April, it is about 1.52 million.

Log4Shell is a security vulnerability found in a program called Log4j. Since it is free open source software, major institutions and government agencies such as Apple and Amazon use it. If security is breached, attackers can execute commands they want, so it was called the 'weakest vulnerability in history.'

Phishing sites and voice phishing malicious applications (apps) used in new types of voice phishing scams such as phone interception have been decreasing annually since 2019. According to the Financial Supervisory Service, the number of voice phishing victims and the amount of damage have also been decreasing since 2020.

The Financial Security Institute plans to develop its financial security monitoring system to monitor evolving cyber threats. To improve the overall intrusion response capability of the financial sector, practical response training will be conducted for 195 financial companies.

A representative of the Financial Security Institute stated, “In the future, the financial cyber safety net will be continuously expanded to new financial service providers such as financial MyData operators and fintech companies using open banking.”